Since its launch in 2021, the S&P/BMV IPC CompMx Trailing Income Equities ESG Tilted Index has outperformed the S&P/BMV IPC, Mexico’s broad equity benchmark, by a cumulative 1.33% (see Exhibit 1). Additionally, the index achieved a higher S&P Global ESG Score of 60 compared to the S&P/BMV IPC’s score of 57. However, as of Aug. 31, 2025, the index faced a YTD underperformance of 5.47% relative to the S&P/BMV IPC.

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In our previous analysis, we explored the historical outperformance of the index, highlighting its calendar year returns. In this sequel analysis, we aim to assess the reasons behind the YTD underperformance through a sectoral performance attribution analysis against the S&P/BMV IPC.

The results of this analysis revealed that the primary driver behind the S&P/BMV IPC CompMx Trailing Income Equities ESG Tilted Index’s underperformance was a significant underweight of 8.61% in the Materials sector. This underweight was particularly impactful, as the Materials sector achieved a cumulative performance of 39.02%, outperforming the S&P/BMV IPC by 17.39%, as illustrated in Exhibit 2. The underweight in this sector detracted from the index’s relative performance by 3.41%.

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A closer look revealed that this underweight in Materials was inherited from the S&P/BMV IPC CompMx Trailing Income Equities Index, the index’s underlying benchmark, which similarly reflected a notable underweight in this sector of 10.16% relative to the S&P/BMV IPC.

In summary, the results of our analysis indicate that the YTD underperformance of the S&P/BMV IPC CompMx Trailing Income Equities ESG Tilted Index against the S&P/BMV IPC can primarily be attributed to its considerable underweight in the Materials sector. As we continue to monitor this index, market participants may want to take into account the historical data presented in Exhibit 1 and the inherent sectoral weights highlighted in Exhibit 2 to make informed decisions.

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